KUALA LUMPUR: The local bourse took a dip in early morning trade on the back of mixed results over on Wall Street where a rebound was seen taking root.
While the S&P 500 and Nasdaq were buoyed on the strength of Boeing and tech stocks, BUrsa Malaysia seems intent on continuing its slide amid the trade fears that have gripped global markets.
At 9.10am, the FBM KLCI was down 3.92 points at 1,705.83, a 10% retracement from its peak of 1,895.18 on April 19.Trading volume was 100 million shares with a value of RM61mil. There were 122 gainers versus 95 decliners adnd 237 counters unchanged.
Among the actively traded stocks, MyEG continues on its recovery, putting on three sen to RM1.03.
It was announced that MyEG Services' associate is seeking to be a payment processor and payment gateway business enterprise for offshore transaction in the Philippines' Cagayan Special Economic Zone and Freeport.
Also seeing high volume, Dnex gained 1.5 sen to 42.5 sen ahd Kstar rose half a sen to 10.5 sen.
Telekom Malaysia slid in early trade, losing 29 sen to RM3.34, on the back of news that the price of broadband in Malaysia is expected to drop by at least 25% by year-end.
Other heavyweights on the slide included KL Kepong, dropping 20 sen to RM23.34 and PPB, slipping 20 sen to RM19.04.
MISC fell 10 sen to RM6 while BAT lost 24 sen to RM36.42.
On the advancing end, F&N rose 42 sen to RM38.40, Carlsberg lifted 16 sen to RM20 and Time dotCom put on 15 sen to RM8.50.
Oil prices dipped on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, likely paving the road for the producer cartel to agree a supply increase during a meeting on June 22, according to Reuters.
Brent crude was down 19 cents at US$74.55 per barrel while WTI crude was down eight cents at US$65.63 a barrel.
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